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Prices of hot-rolled coil (HRC) in China’s spot market continued tracking upward for the sixth week over November 23-27, even though prices of rebar prices displayed some signs of weakness amid softening in demand in winter, Mysteel Global noted. HRC demand from downstream users has stayed steady whilst the low levels of stocks have ensured prices remain propped up.
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In China’s spot steel market, the price of rebar declined in reaction to the softening in demand in winter, while that of hot-rolled coil (HRC) increased due to the resilience in demand, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Rebar prices in China in both the futures and physical markets reversed down this week as the winter freeze which swept over the country caused trading activity to weaken, Mysteel Global noted. Market pundits expected downward corrections in prices in the near term.
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Total stocks of finished steel held by Chinese traders declined at a slower pace over November 20-26 as many regions in China were hit by suddenly plummeting temperatures, heavy rains and snowfalls, causing a parallel freezing of demand, Mysteel Global has learned.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored by Mysteel reversed up over November 19-25 as domestic demand cooled significantly during the period, according to Mysteel’s latest weekly survey.
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Chinese steel mills raised their steel export offers last week and again this week, even though domestic steel prices have started showing signs of weakening and when global demand is not so strong, Mysteel Global has learned.
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Rebar output among the 137 Chinese producers surveyed by Mysteel including integrated mills and re-rollers resumed trending downward over November 12-18, as more domestic mills stopped work for maintenance during that period, according to Mysteel’s latest weekly survey.
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China’s Q235 4.75mm hot-rolled coil (HRC) price hit a new high since November 2018, touching Yuan 4,105/tonne ($625.6/t) as of November 20, according to Mysteel’s pricing data, though the pressure of higher production and higher stocks at mills would be mounting on prices, Mysteel Global noted.
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China’s prices of rebar and hot-rolled coil (HRC) in physical market had been strengthening since the end of October, though the demand in some regions especially Northeast China softened amid the freezing weather, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Rebar futures prices in China have been tracking upward since the end of October, pulling up spot prices in their wake. But recently, the price gap between them has narrowed markedly, Mysteel Global has learned, with market opinion divided as to why this is.
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The blast furnace capacity utilization rate among China’s 247 steel mills dipped for the third week by November 13-19, nudging down another 0.47 percentage point on week to 91.64% on average, according to Mysteel’s weekly survey, indicating that many of the surveyed mills had been just finetuning their steel output on the solid demand so far.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills monitored by Mysteel continued to shrink over November 12-18, falling by another 3.6% on week to refresh the 10-month low at some 5 million tonnes, according to Mysteel’s latest weekly survey.
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Inventories of the five major carbon-steel items held by Chinese traders checked by Mysteel declined for the sixth week over November 13-19, thinning by another 1.1 million tonnes on week, new survey results show. However, the pace at which the stocks are falling slowed down from the 1.3 million tonnes drop in the prior period, as the heavy rain, snow and plunging temperatures in some regions of China have moderately dampened demand.
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China’s steel mills have hiked their export offering prices substantially by $5-19/tonne on week more to match the gains in the domestic prices than to eagerly look for buyers from overseas, though demand from overseas have appeared robust, Mysteel Global understands from industry sources.
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Rebar output among the 137 Chinese producers surveyed by Mysteel including integrated mills and re-rollers reversed up again over November 5-11 after the prior week’s retreat, indicating the domestic steelmakers’ strong enthusiasm for producing when the prices have been hovering high, Mysteel Global learned.
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The price of the Q235 4.75mm hot-rolled coil (HRC) in China’s domestic market rose for the fourth successive week as of November 13, up another Yuan 61/tonne ($9.3/t) on week to Yuan 4,040/t including the 13% VAT, according to Mysteel’s assessment, which was mainly due to the intact fundamentals and the strengthening in the old-rolled coil (CRC) prices.
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China’s domestic steel prices improved further in general over the November 9-13 on the climbs of steel futures prices and the robust spot sales in the first half of last week, though the volume eased moderately on higher prices, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
